In the latest episode of “Talking Trade,” British Consul General in Chicago Richard Hyde says the new trade deal between the United States and United Kingdom includes key provisions on agriculture that will benefit both countries.
“This is something we’ve been talking about for a number of years, since we left the European Union this has been one of the big things that we’ve been trying to achieve,” Hyde said of the deal. “And it’s been challenging, and so it was a big breakthrough for us.”
After the framework for the deal was announced earlier this year, both U.S. and UK leaders recently signed it during the G7 conference in Canada, Hyde noted. He argued the trade deal is “all about mutual prosperity” for both countries.
“The U.S. and the UK have a trade relationship that’s balanced, that’s fair and frankly is reciprocal,” he said, adding “we are not a threat to U.S. jobs … we do not undercut you on steel or agriculture or anything else that people are rightly concerned about. But we are a complementary economy.”
Hyde said agriculture is “always the most complicated” and often emotional part of international trade agreement negotiations, given the pride people take in what they produce and differences in how they make it.
One element of the trade deal aims to increase U.S. ethanol exports to the UK through a new quota, he noted. Another will open up beef imports and exports between the two nations, which Hyde says will give farmers certainty that they can “sell in much bigger quantities” outside of domestic markets.
Still, he said this represents a “starting point for our agricultural conversation” between the countries.
“There’s much more we can do, and there’s much more we want to do on this, but we don’t want to hold everything up,” he said.
The discussion also touches on changes in food standards over time, trends in other commodities such as steel and aluminum, trade imbalances and other topics.
Talking Trade is hosted by E.M Wasylik Associates Managing Director Ken Wasylik and M.E. Dey & Co. President and Managing Director Sandi Siegel.
